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In these two plots, we found that the lag-1, lag-3 and lag-6 autocorrelations were 0.573, 0.458 and 0.512, respectively, which were significant under the level 0.05 (the minimum absolute value for autocorrelation coefficient to be significant under 0.05 with the sample size of 140 was calculated to be Φ−1((1+0.95)/2)/140= 0.166, in which Φ−1 is the inverse function of cumulative distribution function of standard normal distribution); their partial autocorrelation were 0.573, 0.279 and 0.220, which were larger than the other lags up to 12.
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